GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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Risk Management Policy Statement

Defines the policy for managing risks and the relevance to the organization’s strategic plan, goals, and objectives; clarifies risk management goals and direction; outlines the fundamental guidelines of the risk management function; focuses on fundamentals and addresses ideas that may not otherwise be presented to the organization; forces senior management to actively consider an organization’s risk tolerance to increase the value of the risk management program; clearly specifies responsibility and authority, opens up lines of communication, and minimizes duplication of efforts.

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